Any hopes the FTSE 100 index would make a determined dash at the 5,400 level yesterday were shot to pieces quickly into the session as a retreat by crude oil prices saw investors unload oil shares.
That loss of confidence quickly spread across the rest of the market, where many of the stocks which have made such impressive progress recently also turned tail.
But by the end of a session of surprisingly high turnover, the FTSE 100 clawed back around half of its earlier losses.
Very little pain was caused to the broader market, where the FTSE 250 and SmallCap indices both finished the day higher on balance.
London's afternoon rally was prompted by a strong performance by Wall Street, which resumed trading after Thursday's Thanksgiving Day holiday.
The Dow Jones Industrial Average got off to a rather slow start but gradually gained momentum on the upside and was up well in excess of three figures shortly after London closed for the week, and within striking distance of the 10,000.
The Nasdaq Composite delivered a similarly positive performance, driving back through the 1,900 level.
"There was plenty of profit-taking and the oils took a thumping, but it doesn't feel as if we're running into another big downturn," said one marketmaker.
On the theme of TMT outperformance, the strategy team at Credit Suisse First Boston instigated a number of sectoral and stock changes, including moving to underweight in energy, while upgrading chemicals, general industrials and autos.
It said: "TMT has driven the rally in the market since September 21st. While we still stick with our overweight call in this area of the market via telcos, some of the wind may now come out of the sails of these stocks, given the strength of performance and as the supply of new stock is digested.
"This may focus the mind a little more on the old than the new economy stocks in the nearer term.
"If this is the case, we would stress that it is cyclical, not defensive money, that should be on the table in our view."
Overall turnover reached 1.9 billion shares.
